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Short sale with 2 loans

Short sale with 2 loans

This is a discussion on Short sale with 2 loans within the Mortgage Problems and Solutions forums, part of the Mortgage and Loans Forum category; 4 months behind, my property is in California and is listed for sale. My agent is negotiating for a short ...

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08-12-2008, 01:00 PM

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Short sale with 2 loans

4 months behind, my property is in California and is listed for sale. My agent is negotiating for a short sale, but no response yet. But i already moved to an apartment to avoid embarrassment if lender forecloses.What is the ruling if you have two loans and how will the proceeds will be allocated to satisfy both lenders? If the canceled debt be taxed? Can they run after me if second loan was not fully settled?Appreciate any response. God blessBe

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loans, sale, short

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